<p>Chipotle（CMG -2.78%）首席执行官布莱恩·尼科尔跳槽至星巴克（SBUX 0.53%）的消息在餐饮行业引起了震动。尼科尔在 Chipotle 的成功任期包括快速扩张、两位数的营收增长以及解决了之前困扰 Chipotle 的问题。</p>
<p>然而，星巴克也面临着自己的挑战。霍华德·舒尔茨一直是星巴克唯一真正成功的首席执行官，公司曾多次将他请回，因为无法找到合适的接班人。因此，投资者面临的问题是，这一举动是否会在未来推动咖啡股价上涨。</p>
<h2>星巴克为何选择布莱恩·尼科尔</h2>
<p>选择尼科尔无疑是基于他作为 Chipotle 首席执行官的表现。自 2018 年 3 月接任以来，该股票上涨了超过 700%，几乎是同期标普 500 指数的六倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5774272bf7b193d02781391d06ccb2f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5774272bf7b193d02781391d06ccb2f.png"/></p>
<p>YCharts 提供的 CMG 数据。</p>
<p>尼科尔的努力取得了巨大成功，Chipotle 在 2020 年报告了 7% 的营收增长，这是许多餐厅在停业期间经历了 100% 营收下降的一年。此外，在疫情结束后，又恢复了两位数的营收增长。</p>
<p>尼科尔的这部分履历可能吸引了星巴克。最近几周，激进投资者艾略特管理公司在美国和中国的同店销售下滑导致星巴克股价下跌，买入了大量星巴克股份。</p>
<p>此外，尼科尔已经证明自己能够带领公司度过运营困境。在尼科尔接任之前，Chipotle 在 2015 年至 2018 年间面临周期性的大肠杆菌和沙门氏菌爆发。在尼科尔的领导下，这些爆发得到了控制，他推出了食品安全计划，改善了公司的食品准备和处理流程，并鼓励生病的员工留在家中。</p>
<p>星巴克也面临着尼科尔帮助 Chipotle 度过的问题 -- 摆脱创始人的领导。星巴克一直在努力寻找霍华德·舒尔茨的接班人，后者创立了现代星巴克。同样，Chipotle 创始人史蒂夫·埃利斯在无法找到接班人后不得不重返首席执行官职位。直到尼科尔接任后，埃利斯才能彻底离开公司。</p>
<h2>尼科尔面临的新挑战</h2>
<p>然而，星巴克将给尼科尔带来一些独特的挑战。首先，Chipotle 和星巴克处于不同的增长阶段。</p>
<p>Chipotle 在美国处于增长重点阶段，主要在该国运营。它距离在北美拥有 7000 家店的目标大约还有一半的路要走。其大部分营收增长来自于餐厅数量增加了 8%，使得实现两位数营收增长成为一个更容易实现的目标。</p>
<p>相比之下，星巴克在美国市场接近饱和。因此，它已经转向外国市场，主要是中国，以推动持续增长。因此，尼科尔将不得不更多地关注同店销售增长和国际扩张，以便在这份工作中取得成功。</p>
<p>此外，星巴克在不同场所销售更多种类的产品。虽然从主要销售食品转向主要销售饮料可能不是问题，但尼科尔将需要管理更多种类的产品，包括星巴克销售的饮料、甜点和三明治。</p>
<p>渠道发展在 2024 财年第三季度（截至 6 月 30 日）占星巴克营收的约 5%。虽然不是主要营收来源，但这是尼科尔没有太多经验的另一种与食品相关的业务。</p>
<h2>布莱恩·尼科尔能在星巴克成功吗？</h2>
<p>尽管尼科尔的成功并非保证，但这一举措很可能会在未来推动星巴克的股价上涨。尼科尔在挑战环境下取得了运营成功的经验。此外，鉴于星巴克在找不到霍华德·舒尔茨的合适接班人上屡屡失败，尼科尔成功接替 Chipotle 创始人而没有出现复杂情况，使他成为这一角色的自然选择。</p>
<p>诚然，尼科尔将不得不应对从更成熟的业务中获得增长的挑战，并将面临一些对他来说可能是新的困难。但如果他能振兴这个更成熟的业务，他成功担任星巴克首席执行官的可能性很高。</p>

墨式烧烤

星巴克

<p>墨式烧烤首席执行官 Brian Niccol 加盟星巴克引发投资者疑虑。Niccol 以振兴墨式烧烤而闻名，实现了显著的营收增长。星巴克在继任和销售下滑方面面临挑战，尤其是在一名激进投资者购入股份后。与墨式烧烤的增长重心不同，星巴克寻求在国际市场和同店销售上扩张。Niccol 的履历表明他有潜力改善星巴克的命运，但考虑到公司的成熟和运营差异，成功并不确定。虽然他可能提升股价表现，但 Niccol 必须应对星巴克独特的挑战</p>

<p>The news that <strong>Chipotle</strong>(CMG -2.78%) CEO Brian Niccol has jumped ship to move to <strong>Starbucks</strong>(SBUX 0.53%) sent shock waves across the restaurant industry. Niccol has had a successful tenure at Chipotle with rapid expansion, revenue growth in the double digits, and procedural changes that addressed the setbacks that hurt Chipotle in previous years.</p>
<div class="lb-trans"><p>Chipotle（CMG -2.78%）首席执行官布莱恩·尼科尔跳槽至星巴克（SBUX 0.53%）的消息在餐饮行业引起了震动。尼科尔在 Chipotle 的成功任期包括快速扩张、两位数的营收增长以及解决了之前困扰 Chipotle 的问题。</p>
</div><p>However, Starbucks presents its own challenges. Howard Schultz has been Starbucks' only truly successful CEO, and the company has brought him back more than once because it failed to find an adequate replacement. Hence, the question for investors is whether this will be a move that will boost the coffee stock over time.</p>
<div class="lb-trans"><p>然而，星巴克也面临着自己的挑战。霍华德·舒尔茨一直是星巴克唯一真正成功的首席执行官，公司曾多次将他请回，因为无法找到合适的接班人。因此，投资者面临的问题是，这一举动是否会在未来推动咖啡股价上涨。</p>
</div><h2>Why Starbucks chose Brian Niccol</h2>
<div class="lb-trans"><h2>星巴克为何选择布莱恩·尼科尔</h2>
</div><p>The choice of Niccol was undoubtedly determined by his performance as Chipotle CEO. Since he took over in March 2018, the stock has risen by over 700%, almost six times the return the <strong>S&amp;P 500</strong> delivered over the same timeframe.</p>
<div class="lb-trans"><p>选择尼科尔无疑是基于他作为 Chipotle 首席执行官的表现。自 2018 年 3 月接任以来，该股票上涨了超过 700%，几乎是同期标普 500 指数的六倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f5774272bf7b193d02781391d06ccb2f.png" alt="" original-src="https://media.ycharts.com/charts/f5774272bf7b193d02781391d06ccb2f.png"/></p>
<p>CMG data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 CMG 数据。</p>
</div><p>So successful were his efforts that Chipotle reported 7% revenue growth in 2020, a year when many restaurants experienced revenue declines of 100% amid the shutdowns. Moreover, after the pandemic lifted, double-digit revenue growth resumed.</p>
<div class="lb-trans"><p>尼科尔的努力取得了巨大成功，Chipotle 在 2020 年报告了 7% 的营收增长，这是许多餐厅在停业期间经历了 100% 营收下降的一年。此外，在疫情结束后，又恢复了两位数的营收增长。</p>
</div><p>This part of Niccol's resume may have attracted Starbucks to him. In recent weeks, activist investor Elliott Management bought a substantial stake in Starbucks as a struggling economy led to declining same-store sales in the U.S. and China.</p>
<div class="lb-trans"><p>尼科尔的这部分履历可能吸引了星巴克。最近几周，激进投资者艾略特管理公司在美国和中国的同店销售下滑导致星巴克股价下跌，买入了大量星巴克股份。</p>
</div><p>Additionally, Niccol has proven himself in getting a company past operational struggles. Chipotle faced periodic E. coli and salmonella outbreaks between 2015 and 2018 before Niccol took over. Under Niccol, such outbreaks ended as he launched a food safety program, improved the company's food prep and handling, and incentivized sick workers to stay home.</p>
<div class="lb-trans"><p>此外，尼科尔已经证明自己能够带领公司度过运营困境。在尼科尔接任之前，Chipotle 在 2015 年至 2018 年间面临周期性的大肠杆菌和沙门氏菌爆发。在尼科尔的领导下，这些爆发得到了控制，他推出了食品安全计划，改善了公司的食品准备和处理流程，并鼓励生病的员工留在家中。</p>
</div><p>Starbucks also faces a problem that Niccol got Chipotle past -- moving on from the founder's leadership. Starbucks has struggled to find a successor to Howard Schultz, who founded the modern iteration of Starbucks. In the same way, Chipotle founder Steve Ellis had to return to the CEO position after it struggled to find a successor. It was only after Niccol took over that Ellis could leave the company for good.</p>
<div class="lb-trans"><p>星巴克也面临着尼科尔帮助 Chipotle 度过的问题 -- 摆脱创始人的领导。星巴克一直在努力寻找霍华德·舒尔茨的接班人，后者创立了现代星巴克。同样，Chipotle 创始人史蒂夫·埃利斯在无法找到接班人后不得不重返首席执行官职位。直到尼科尔接任后，埃利斯才能彻底离开公司。</p>
</div><h2>Niccol's new challenges</h2>
<div class="lb-trans"><h2>尼科尔面临的新挑战</h2>
</div><p>Nonetheless, Starbucks will present Niccol with some unique challenges. For one, Chipotle and Starbucks are at different growth stages.</p>
<div class="lb-trans"><p>然而，星巴克将给尼科尔带来一些独特的挑战。首先，Chipotle 和星巴克处于不同的增长阶段。</p>
</div><p>Chipotle is in a growth-focused mode in the U.S. and operates mainly in that country. It is approximately halfway to the goal of 7,000 stores that it considers &#34;saturation&#34; in North America. Much of its revenue growth came from increasing the restaurant count by 8%, making double-digit revenue growth an easier goal to achieve.</p>
<div class="lb-trans"><p>Chipotle 在美国处于增长重点阶段，主要在该国运营。它距离在北美拥有 7000 家店的目标大约还有一半的路要走。其大部分营收增长来自于餐厅数量增加了 8%，使得实现两位数营收增长成为一个更容易实现的目标。</p>
</div><p>In contrast, Starbucks' U.S. market is close to saturation. Hence, it has turned to foreign markets, primarily China, to drive continued growth. Thus, Niccol will have to focus more on same-store sales growth and international expansion than he did at Chipotle to succeed at this job.</p>
<div class="lb-trans"><p>相比之下，星巴克在美国市场接近饱和。因此，它已经转向外国市场，主要是中国，以推动持续增长。因此，尼科尔将不得不更多地关注同店销售增长和国际扩张，以便在这份工作中取得成功。</p>
</div><p>Moreover, Starbucks sells more products in different venues. While transitioning from selling mostly food to primarily beverages may not be a problem, Niccol will have a more extensive product selection to manage between the drinks, desserts, and sandwiches Starbucks sells.</p>
<div class="lb-trans"><p>此外，星巴克在不同场所销售更多种类的产品。虽然从主要销售食品转向主要销售饮料可能不是问题，但尼科尔将需要管理更多种类的产品，包括星巴克销售的饮料、甜点和三明治。</p>
</div><p>Channel development, which consists of consumer products, made up about 5% of Starbucks' revenue in the third quarter of fiscal 2024 (ended June 30). While not a major revenue source, it is a different food-related business in which Niccol does not have extensive experience.</p>
<div class="lb-trans"><p>渠道发展在 2024 财年第三季度（截至 6 月 30 日）占星巴克营收的约 5%。虽然不是主要营收来源，但这是尼科尔没有太多经验的另一种与食品相关的业务。</p>
</div><h2>Can Brian Niccol succeed at Starbucks?</h2>
<div class="lb-trans"><h2>布莱恩·尼科尔能在星巴克成功吗？</h2>
</div><p>Although Niccol's success is not guaranteed, the move is one that will likely boost Starbucks' stock over time. Niccol has a proven track record of operational success under challenging circumstances. Also, given Starbucks' lack of success at finding a worthy successor to Howard Schultz, Niccol's ability to succeed Chipotle's founder without complications makes him a natural choice for this role.</p>
<div class="lb-trans"><p>尽管尼科尔的成功并非保证，但这一举措很可能会在未来推动星巴克的股价上涨。尼科尔在挑战环境下取得了运营成功的经验。此外，鉴于星巴克在找不到霍华德·舒尔茨的合适接班人上屡屡失败，尼科尔成功接替 Chipotle 创始人而没有出现复杂情况，使他成为这一角色的自然选择。</p>
</div><p>Admittedly, Niccol will have to rise to the challenge of deriving growth from a more mature business and will face some struggles that may be new to him. But if he can revive this more mature business, he stands a high probability of succeeding as Starbucks CEO.</p>
<div class="lb-trans"><p>诚然，尼科尔将不得不应对从更成熟的业务中获得增长的挑战，并将面临一些对他来说可能是新的困难。但如果他能振兴这个更成熟的业务，他成功担任星巴克首席执行官的可能性很高。</p>
</div>

聘请墨式烧烤的 CEO 布莱恩·尼科尔对星巴克来说是一个明智的选择吗？